Earnings Winners Emerge

This column was originally published on RealMoney on July 27 at 12:49 p.m. EDT. It's being republished as a bonus for TheStreet.com readers.

The anointed winners are becoming clear from this quarter's earnings and they won't be changing anytime soon. They will just be accentuated.

Here's the list.

First it's Merck (MRK), which is now best in show after a huge litigation-related banging. That's over, the country's turning on the class action lawyers, and Merck's the biggest beneficiary. As a corollary, Pfizer's (PFE) done going down. That should be obvious to pretty much everyone. Amgen (AMGN) is now the biotech world's new fave.

Altria's (MO) going up on earnings, not the break-up. The earnings change is Kraft (KFT), which put in a respectable quarter for the first time in ages.

Comcast (CMCSA) and AT&T (T) are now perceived as classical winners and can rally forever given how compressed they are.

Tech doesn't have much to recommend, but Motorola's (MOT) now the loved player. High-multiple-wise, it is all about Akamai (AKAM).

Just about any oil works, but I believe people will gravitate to Conoco (COP) for a clean quarter. Schlumberger (SLB) is going higher as a best-of-breed play in that department.

Soft drinks: Both Coca-Cola (KO) and Pepsi (PEP) are now on the loved bandwagon.

For banks, Wells Fargo (WFC) is so adored right now that I can't see it quitting anytime soon.

At the time of publication, Cramer was long Altria.

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